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T H E

M O N TH LY

Business
C o v e r in g B u s in e s s a n d

A g r ic u ltu r a l C o n d itio n s in

R

eview

th e S ix th

F ed e ra l R e se rv e D is tr ic t.

FED ER A L RESER V E BANK O F A T LA N T A
J O S . A . M c C O R D , C h a ir m a n o f th e B o a r d a n d F e d e ra l R e s e r v e A g e n t
W ARD
VOL. 8

A L B E R T S O N , A s s is t a n t F e d e ra l R e s e r v e A g e n t

A T L A N T A , G E O R G I A , J A N U A R Y 30, 1923.

NO. 1

SUMMARY OF BUSINESS CONDITIONSJN THE UNITED STATES
Production and prices remained relatively constant inJDecember while trade and credit showed the usual increase to the
holiday season followed by declines in January.
Production
The index of production in basic industries, after rising rapidly since last August, showed a slight recession in December,
though production was maintained at a level near the peak of 1920. The output of pig iron and coal continued to increase,
but the production of certain other commodities, particularly of cotton textiles and flour, showed declines. In southern
districts the building industry continued active and in all parts of the country much new construction was projected.
Railroad traffic continued heavier than a year ago, though the seasonal decline in carloadings and the reduction in bad
order cars particularly relieved freight congestion.
Employment at industrial establishments made a further advance in December, accompanied by wage increases in cer­
tain industries. Some shortage of labor in the eastern districts was still reported but in the Pacific states a substantial
surplus of unskilled labor was indicated.
Wholesale Prices
, The general level of wholesale prices remained unchanged in December. Among various groups of commodities the price
tendencies of recent months were continued. Prices of farm products,, cloth, chemicals, and house furnishings registered
furifller increases, while fuel and metal prices continued to decline. Durlii-? January a number of basic commodities ad­
vanced in price, and cotton, rubber, and lead rose to the highest points sinc£ 192(«.
Vclxime of Trade
Wholesale trade in most reporting lines showed $ seasonal decline
was considerably larger than a y ear
ago. Farm implements dealers, however, reporteAja^ger saies tKaii in November and more thati 5p|ibled their December
1921 business. Retail sales of reporting stores d?u4n^ December reached the, if^gest volume in the last four years.

Bank Otfedifr
Dividend and interest payments and the disbursement of goverment funds in connection with the redemption of victory
notes and war savings certificates together with the usual decline in the demand for currency after the holidays season,
vere attended by a large increase in the volume of new security issues and by somewhat easier money conditions. Open
narket commercial paper rates in financial centers which were 4J to 4| per cent in December declined to 4£ to 4} per cent tn
fanuary.
Member banks in leading cities reported an increase in demand deposits, an important factor in which was the usual sea*
onal flow of funds from country districts to financial centers. While the volume of loans on stocks and bonds decreased
n the first two weeks of January there was a somewhat larger increase in the investments owned by the banks.
At the Federal Reserve Banks the principal change between December 20 and January 24 was a reduction of $230,000,000 in
federal Reserve Note circulation caused by the seasonal decline in currency requirements. Reserves increased $65,000,000
while earning assets declined $17,000,000.
The changes are similar to developments during the same period a year ago although the decline in earning assets are
less than last year.




T H E M O N T H L Y B U S LS T E S S R E V IE W

2

SIXTH DISTRICT:SUMMARY
Business conditions in the states comprising the Sixth
Federal Reserve District have continued to show evidence
of improvement through December, and the beginning of
the new year has brought a steady increase in confidence
and faith in the future which has been growing throughout
the year just ended.
Fundamental business conditions in the District are
sound, and there are no known influences at present in evi­
dence which are likely to cause adverse developments. In
all parts of the District labor is well employed. Building
and construction programs, including highway work, have
gone steadily forward, and projects already arranged for
will keep a large amount of labor employed for months to
come.
Retail and wholesale trade both show increases in volume
compared with corresponding periods a year ago, and retail
and wholesale merchants alike report that the outlook for
the year is for business in a volume which will come nearer
to being normal than at any time since the beginning of the
World War.
The transportation situation has shown improvement
following the holidays, but is not yet satisfactory. Lumber
shipments have been more satisfactory during the latter
part of December, and lumber manufacturers report con­




ditions in that industry considerably improved. Manu­
facturing has shown a tendency to slacken during the holi­
day season, which is not unusual, but increased output is
reported in comparison with the same period in 1921.
The reports received from member banks in various parts
of the District all point to improved conditions in agricul­
ture, and the larger money return received by the farmers
for their crops during the fall has been the most important
factor in bringing about improvement in the financial situa­
tion in the District. Savings deposits continue to show in­
creases, at the end of December being more than 12 per cent
greater than at the same date in 1921, while demand deposits
are reported to be approximately 26 per cent greater. Debits
to individual account in fifteen important cities of the Dis­
trict show that the volume of checks charged to individual
accounts during the week ended January 10,1923, was more
than 21 per cent greater than for the corresponding week
last year.
RETAIL TRADE
The volume of retail trade during the month of December
1922 reported by thirty-six representative department stores
in the Sixth Federal Reserve District, was almost 5 per cent
greater than in the corresponding month a year ago. In­
creases were reported at Atlanta, Birmingham, Nashville,
New Orleans, and Other Cities, while decreases occurred at

T H E M O N T H L Y B U S IN E S S R E V IE W

3

Chattanooga, Jackson, and Savannah. Holiday business
ber business was 3.1 per cent smaller than at the same time
was reported good, but the mild weather during December
a year ago, and 13.5 per cent smaller than on the last day of
hampered the buying of winter clothing and other articles
November. All of the cities shown in the statement re­
incident to cold weather. The outlook for business during ported decreased stocks on hand compared with November.
the year, according to correspondent retail firms, is good.
The relation of stocks on hand to the volume of sales for
The cumulative volume of sales from July 1 through the
the cumulative period July 1 to December 31 for the 36 re­
month of December was 1.3 per cent larger than during the
porting stores was 424.0, showing a continued improvement
same period in 1921, increases being reported at Atlanta,
in the rate of turnover which was 2.2 times per year in Octo­
Birmingham, Nashville and Other Cities.
ber, 2.4 times per year in November, and at the rate of 2.8
The volume of merchandise on hand at the close of Decem­ times per year in December.
CONDITION OF RETAIL TRADE—DECEMBER 1922
Sixth Federal Reserve District
Percentage of Increase or Decrease
(1)
(2)
(4)
(3)
Comparison of net
sales with those of
corresponding peri­
od last year

Atlanta (4)___ ___________
Birmingham (4) .....................
Chattanooga (4)_____ ____ _
Jackson (3)________ ______
Nashville ( 3 ) ..... ....... .............
New Orleans (5)........ ........... .
Savannah (3)_____ _______
Other Cities (10)__________
District (36)_____ ________
United States____________

A
December
1921
+12.2
+15.6
— 0.1
— 0.3
+ 3.4
+ 0.1
—10.8
+12.2
+ 4.9
+ 8.9

B
July 1
to date
+ 5.9
+17.5
— 3.5
— 1.2
+ 4.3
— 3.9
—18.4
+ 3.1
+ 1.3
+ 6.6

Stocks at end of
month compared
with
A
B
December November
1921
1922
+ 1.9
—16.8
— 9.7
—24.9
— 0.0
—16.2
—25.0
— 3.2
— 3.6
—19.4
+ 1.8
—21.0
—14.9
—14.0
—11.2
—15.2
— 3.1
—13.5
+15.9
+ 1.0

Percentage of average
stocks at end of each
month, July to date,
to average monthly
sales over same period

Percentage of out­
standing orders at
end of December to
total purchases dur­
ing calendar year
1921

474.6
361.9
697.5
451.2
367.3
420.4
563.0
459.1
428.4
348.4

4.8
5.6

BANK C R ED IT
A L L FE D E R A L R E SE R V E BANKS

MILLIONS OF DOLLARS




BANK

X

x
6.4
10.0
1.9
4.8
7.0
7.3
C R E D IT

8 0 0 MEMBER BANKS IN LEADING CITIES
BILLIONS OF DOLLARS

8HJ.I0NS OF DOLLARS

4

T H E M O N T H L Y B U S IN E S S R E V IE W

WHOLESALE TRADE
Business at wholesale in the Sixth Federal Reserve District
during December has shown the tendency to slacken which
is usual for the month. December is not a month in which
large purchases are made by retailers, except as they need
supplies to meet current demands, for the reason they do
not desire to show large inventories of goods at the end of
the year. The volume of sales reported by firms in seven
lines showed decreases as compared with November, but
some of them, especially dry goods and shoes, are due to
seasonal influences, and the declines in hardware and drugs
are very small. Six farm implement firms reported sales in
December greater by 39 per cent than during the preceding
month.
All of the eight lines of wholesale trade reporting to the
Review show increases in December 1922 sales over the vol­
ume for the corresponding month a year ago, ranging from
an increase of 1.7 per cent in shoes to 44.7 per cent in sta­
tionery, 41.5 per cent in dry goods, and 41.3 per cent in farm
implements.
The following figures show percentage comparisons of
sales reported by representative firms for December 1922f
with sales by the same firms during November 1922 and
December 1921:
Wholesale Trade
December 1922 compared w ith:
Nov. 1922
Dec. 1921
+10.4%
Groceries (35 reports).......................... — 7.4%
Dry Goods (22 reports)........................ —34.6%
+41.5%
Hardware (22 reports).......................... — 0.4%
+27.6%
+30.4%
►Furniture (14 reports)......................... —11.0%
Shoes (11 reports)................................. —30.8%
+1.7%
Stationery (4 reports).............. ........... —22.8%
+44.7%
-Drugs (5 reports).................................. — 2.4%
+12.8%
Farm Implements (6 reports).............. +39.0%
+41.3%
Groceries
While the aggregate of sales reported by 35 wholesale gro­
cery firms for December was less than for November, the de­
crease was only 7.4 per cent, and is not unusual for the
month of December. Business in December 1922 was, more­
over, 10.4 per cent greater than during the same month in
1921, increases being shown at all reporting points except at
New Orleans where a small decrease took place. The re­
ports generally are optimistic in regard to business for the
new year, and state that the outlook is satisfactory* There
have been some advances in prices on some goods during
the past month. Some wholesalers who report large stocks
on hand state that this is due to the fact their orders were
delayed for several months of the summer and fall, because
of the transportation situation, and that as a consequence
they received larger shipments of goods in November and
December than they had expected.
The following figures show comparisons of sales reported
by 35 firms for December, with sales by the same firms in
November and in December 1921:
December 1922 compared with
Groceries
Nov. 1922
Dec. 1921
Jacksonville (5 reports)........................ — 0.4%
+24.4%
New Orleans (10 reports)..................... —12.0%
— 1.7%




Meridian (3 reports)..............................
Vicksburg (4 reports)...........................
Other Cities (13 reports)......................
District (35 reports)......... ....................

— 6.0%
— 8.9%
— 5.1%
— 7.4%

+20.5%
+ 4.7%
+ 2 2 .8 %

+10.4%

Dry Goods
Reports made to the Review for December by 22 wholesale
dry goods firms show a considerably smaller volume of sales
during December than in the preceding month, but the de­
crease is due to seasonal influences. Spring buying has not
opened up to any appreciable extent, and while retailers
bought during themonth f or their current requirements,little
forward buying was done, andinventorieswerekeptaslowas
possible. The reports indicate that while some orders are
being placed for spring delivery, caution is being exercised
and there appears no indication of any buying for specula­
tive purposes. There have been some advances in prices
during the month. December 1922 sales reported by these
22 firms averaged 41.5 per cent greater than in December
1921, the largest increase being at Atlanta, where four firms
report business 77.7 per cent greater than in December a
year ago.
The following figures show percentage comparisons of
business in December, with the preceding month and the
corresponding month a year ago:
December 1922 compared with
Dry Goods
Nov. 1922
Dec. 1921
Atlanta (4 reports)..................... ------- —33.6%
+77.7%
+23.7%
Knoxville (3 reports).................. ____ —38.8%
Nashville (3 reports)....... ........... ........... —42.5%
+42.8%
+44.5%
Other Cities (12 reports)........... ........... —27.4%
+41.5%
District (22 reports)_________ ........... —34.6%
Hardware
Reports made to the Review by 22 wholesale hardware mer­
chants for December show a decrease in total volume of sales
of less than one-half of one per cent, compared with Novem­
ber, and indicate that while caution is still being exercised
by both wholesalers and retailers, more buying is being done
on a more liberal basis than has been the case during the
past year, and that retailers are beginning to buy conserva­
tively for their spring requirements. December 1922 busi­
ness reported by these 22 firms was 27.6 per cent greater
than in December 1921. Collections are reported to be im­
proving, and there have been some advances in prices.
The following figures show comparisons of sales reported
for December 1922, with November, and with December 1921:
December 1922 compared with
Hardware
Nov. 1922
Dec. 1921
Atlanta (3 reports)................................ — 3.9%
+36.9%
Jacksonville (3 reports)........................ — 1.0%
— 4.5%
+50.2%
Nashville (3 reports)............................. + 0. 4 %
New Orleans (4 reports)...................... —11.6%
+23.9%
Other Cities (9 reports)........................ + 0.1%
+22.4%
District (22 reports)................ ............. — 0.4%
+27.6%

T H E M O N T H L Y B U S IN E S S R E V IE W

Furniture
Sales during December by wholesale furniture concerns
were smaller in volume than during November, but a little
more than 30 per cent greater than in December a year ago.
Correspondent firms state that their customers have bought
during December only for immediate requirements, due to
the annual inventory, but that there is some indication of
a more liberal policy regarding buying ahead. Advances in
the cost of raw materials have made necessary some increase
in prices, especially of those articles containing glass. Most
of the reporting firms state that collections are good.
Comparisons of December business, by cities, with sales
during November, and in December 1921, are shown in the
following table:
December 1922 compared with
Furniture
Nov. 1922
Dec. 1921
+53.2%
Atlanta (5 reports)_______________ — 1.0%
Other Cities (9 reports)___________ —13.8%
+24.4%
District (14 reports)......... .................... —11.0%
+30.4%
Shoes
Aggregate sales during December by 11 wholesale shoe
firms reporting to the Review were substantially less than
in November, but showed an increase of 1.7 per cent over
sales during December 1921. Prices are reported to be fairly
steady. Some firms state that future orders are holding up
well, with very little tendency on the part of retailers to re­
vise or cancel. Some small advances in prices have taken
place during the past month or two. The following figures
show comparisons of December business with November,
and with December 1921.
December 1922 compared with
Shoes
Nov. 1922
Dec. 1921
Knoxville (3 reports)--------------------- —45.2%
+20.9%
Other Cities (8 reports)___________ —25.4%
— 2.5%
District (11 reports)______________ —30.8%
+ 1.7%
District averages for the other three lines of wholesale
trade are shown in the first table. Stationery and drugs
both registered declines compared with November, but the
increase in sales by six farm implement firms is noticeable.
All three lines reported increases over December a year ago.
Reports from these firms are optimistic in regard to the out­
look, and state that collections are good.

AGRICULTURE
Statistics compiled by the Bureau of Agricultural Eco­
nomics during the past month have been devoted princi­
pally to a comparison of the values of the various farm crops
produced in 1922 with the value of the preceding crops. Sub­
stantially larger returns have been received for the princi­
pal crops produced in this District. The dominant factor
in this increase has been the better prices for farm products
which have prevailed during the fall, compared with prices
at the same period a year earlier, and in some instances, to
increased volume of production.




5

In Alabama^the^aggregate value~bf crop production for
the 1922 season is estimated to be $266,741,000, compared with
a total value of $181,446,000 for the crops of 1921. The actual
cultivated acreage in 1922 was 8,615,000, and that for 1921 was
7,877,000.
With a very slight increase in acreage planted, and no
marked increase in production, except of citrus fruits, the
principal field crops and fruits in Florida have a farm value
of $60,650,000 in 1922, compared with $46,019,000 a year ago.
The heaviest increase over last year, both in production and
value to the growers, is in citrus fruits, which from present
indications will be fully 15,000,000 boxes against 13,300,000
boxes last season with an estimated value of approximately
$32,000,000, compared with $22,375,000 last season. From a
production standpoint, the grain crops, corn, oats, peanuts,
rice and sugar cane and tobacco are short of last year, while
cotton, white potatoes and the hay crops show heavy in­
creases both in acreage and production.
Farm crops produced in Georgia in 1922 are estimated to
be worth approximately $211,609,000, an increase of about
$34,000,000 over the value of production in 1921. Consider­
ably more than $20,000,000 of this increase is due to the cot­
ton crop, which although smaller than that of last year, has
brought substantially greater returns. The corn crop is
responsible for an increase of about $8,000,000, and hay of
approximately $2,000,000, while the Georgia peach crop of
1922 was valued at more than $3,300,000 less than that of 1921.
The total value of the principal field crops in Louisiana,
including sugar cane, is estimated at $126,821,500, an increase
of $29,302,500, or 30 per cent over the value of $97,519,000
placed on the crops raised in 1921. The cotton crop ranks
first in farm value, showing an increase of approximately
$22,000,000 over that of 1921. The value of the cane crop to
the producers on the plantations where grown is estimated
for 1922 to be $21,277,000 compared with $17,245,672 for 1921.
This crop ranks third in point of greatest farm value, the
corn crop exceeding it by more than $2,000,000. The amount
of cane crushed for sugar in 1922 was 3,342,000 tons, com­
pared with 4,180,780 tons in 1921, and the production of sugar
in 1922 was 482,752,000 pounds, compared with 648,861,430
pounds produced in 1921.
Agricultural production in Mississippi in 1922 is estimated
to be valued at $226,308,000, an increase of more than $80,000000 over the value of 1921 crops. The money value of the
state's cotton crop is more than that of all other crops com­
bined, and the greater part of the increase over last year is
due to cotton. Approximately 200,000 bales more were pro­
duced in 1922 than in 1921, and the money return is stated to
be $116,447,000, compared with $67,480,000 last year. The
corn crop is smaller than last year, but is worth nearly twelve
million dollars more because of increased prices, and the
va7 of the hay crop is estimated to be about one million
ue
dollars more than the value of the 1921 crop.
A report issued by the Field Agent in Tennessee states
that the wheat acreage in Tennessee this fall has reached
the lowest ebb since the Civil War. The estimated acreage is
452,600,000 acres compared with 492,000 acres in the fall of 1921.

6

T H E M O N T H L Y B U S IN E S S R E V IE W

The drought that prevailed over the state at seeding time
prevented land preparation. Germination and growth
were slow in the dry lands, there has been some Hessian
Fly damage, and the crop is not up to average condition.
The condition on December 1 was 83 per cent, compared
with 93 per cent last year, and an average of 88 per cent or
normal.
CITRUS FRUIT
Although Florida experienced a serious drought last
spring, immediately following the spring bloom, indications
are that the commercial movement of fruit this season will
exceed that of any other year. Total shipments in carload
lots from Florida for the season through December 31st are
reported higher for both oranges and grapefruit than for
the same period in 1921, and with conditions continuing to
improve, the season’s total movement promises to be con­
siderably larger than that of last year. There has, however,
been too little cool weather, and too much rain for an ideal
shipping season. The shipment to January first of approxi­
mately 15,000 cars, containing an average of 360 boxes to the
car, would equal 5,400,000 boxes of fruit that have gone into
the various markets.
The following figures show the total of car lot shipments
of fruits and vegetables from Florida during December, and
for the season to date, compared with corresponding periods
last year:
Season totals to
December
December 31
1922
1921
1922
1921
5470
Oranges..........................
5487
9288
8158
Grapefruit......................
1613
1344
5626
5091
0
Cucumbers____ ______
0
5
0
Pineapples..... .................
2
0
4
2
Lettuce.......... ................
8
481
124
504
10
0
12
Beans...............................
0
Cabbage_____________
15
13
15
13
48
26
67
Peppers...........................
40
45
31
45
31
Tomatoes____ _______
1
Celery_____ _________
0
1
0
COTTON MOVEMENT—DECEMBER 1922
Sixth Federal Reserve District
RECEIPTS—PORTS:
Dec. 1922 NOV. 1922
Dec. 1921
New Orleans_______ 176,564
266,811
128,783
Mobile..........................
10,309
17,130
8,866
Savannah_______ ...
22,090
40,329
58,836
INTERIOR TOWNS
Atlanta........................
33,543
60,787
30,980
Augusta....................... 34,023
50,057
37,953
Meridian......................
1,541
5,300
2,629
Montgomery....... ........
2,338
7,798
1,680
21,214
Vicksburg........ ..........
18,880
23,428
SHIPMENTS—PORTS:
New Orleans____ . . . . 220,575
252,767
217,714
M obile.............. ......... 22,373
14,154
8,257
31,573
45,577
Savannah__________
68,119




INTERIOR TOWNS:
Meridian___
Montgomery.

30,754
18,989
1,891
5,629
14,388

37,231
29,009
6,513
7,539
11,033

20,418
26,877
1,915
1,838
16,926

237,025
8,517
72,289

281,036
20,905
81,772

376,820
16,802
167,444

86,135
72,982
9,669
18,254
9,782

83,346
77,473
11,019
21,545
10,803

61,732
145,330
18,621
31,824
13,714

STOCKS—PORTS:
Mobile.
INTERIOR TOWNS:
Meridian.
Vicksburg..

COTTON MOVEMENT (Bales) UNITED STATES
Aug. 1 to Jan. 5th
1923
1922
1921
1920
Movement at U. S.
Ports....................... 4,136,119 3,698,803 3,605,248 4,026,347
Overland to Northern
Mills and Canada.. 759,230 956,994 542,972 881,160
Interior Stock______
746,786 298,485 720,751 424,904
Southern Mill takings 2,520,000 2,325,575 1,662,334 2,414,167
Movement for 158 days 8,162,135 7,279,862 6,531,305 7,746,787
Foreign exports......... 2,823,485 3,061,316
Supply to date______ 8,924,339 9,591,558
SUGAR
The total receipts of raw foreign sugar received at the port
of New Orleans during 1922 was larger than for either of the
two preceding years, as indicated by the following figures:
(Bags)
Received from
Total
Cuba
Receipts
3,965,058
4,181,853
1922....... ........... - ____
192 1
1,844,788
2,651,072
1920.........................
2,775,427
3,476,269
Reports indicate that cane growers in Louisiana are mak­
ing preparations to plant a larger acreage in cane next year,
owing to the satisfactory yields and prices during the past
season. While the total production of sugar in 1922 was
considerably less than in 1921, being estimated at 241,376
tons, compared with 324,431 tons in 1921, planters received
approximately 5.40 cents per pound for their raw sugar in
1922 compared with approximately 3.75 cents per pound the
preceding season.
MOVEMENT OF SUGAR—DECEMBER 1922
Raw Sugar—Pounds
RECEIPTS:
Dec. 1922
Nov. 1922
94,269,838 115,201,918
New Orleans_
_
7,391,594
0
Savannah_____

Dec. 1921
49,643,613
9,341,112

T H E M O N T H L Y B U S IN E S S R E V IE W

MELTINGS:
New Orleans_
_
Savannah_____

111,470,797
0

46 ,535,171
341,112

16,913,248

34,114,207

r,076,738

0

STOCKS:
New Orleans._
Savannah___

104,731,788
8,009,326

0

0

Receipts of Rough Rice (Barrels)
Total this
Total last
Season to
Season to
Dec. 1922 Dec. 31, 1922 Dec. 31, 1921
4,054,909
Association Mills__
834,571
2,918,082
879,510
New Orleans Mills...
136,372
839,856
Outside Mills_____
301,472
1,389,653
933,559

Refined Sugar—Pounds

1,272,415

SHIPMENTS:
New Orleans_
_
Savannah_____

77,603,074
12,014,960

91,462,129
17,370,476

44 ,597,405
11 ,552,403

STOCKS:
New Orleans_
_
Savannah_____

49,953,013
3,000,258

17,362,021
15,015,218

25 ,882,084
1 ,193,893

According to statistics compiled by the Bureau of Agricul­
tural Economics, Louisiana in 1922 produced 47.6 per cent of
the nation’s rice crop; California 19.6 per cen t; Arkansas 17.6
per cent, and Texas 14.2 per cent. Louisiana heads the list
in acreage in 1922 with 555,000 acres, followed by Texas with
191,000 acres, Arkansas with 154,000 acres, California with 140,000 acres, South Carolina with 8,000 acres, Georgia 3,000 acres,
Florida 3,000 acres, and Mississippi 1,000 acres. The acreage
yield was highest in California, where 59 bushels were pro­
duced per acre, Arkansas is second with 48 bushels per acre,
and Louisiana third with 36 bushels per acre. The follow­
ing table shows the acreage and total production for the
1922 season compared with the 1921 season:
1922
1921
Acreage
Total Acreage
Total
Production
Production
555,000 19,980,000 480,000 17,280,000
191,000 5,959,000 166,000 5,993,000
154,000 7,392,000
125,000 6,688,000
140,000 8,260,000 135,000 7,290,000
8,000
208,000
7,000
175,000
3,000
72,000
3,000
78,000
3,000
75,000
4,000
88,000
1,000
19,000
1,000
20,000

United States___ 1,055,000 41,965,000 921,000 37,612,000
Receipts, shipments and stocks of rice at New Orleans for
December, compared with the preceding month and with the
corresponding month a year ago are shown in the following
statement:
Rough Rice (Sacks) Port of New Orleans
Dec. 1922
Nov. 1922
Dec. 1921
Receipts-------------136,372
194,110
193,487
Shipments-----------149,371
173,291
159,648
Stocks----------------43,668
56,667
69,664
Clean Rice (Pockets) Port of New Orleans
Dec. 1922
Nov. 1922
Dec. 1921
Receipts,.. ........ . _
487,812
462,009
315,233
Shipments........ _
417,324
436,506
227,821
S tock.,............
198,251
127,763
171,450




6,324,072

4,691,497

Distribution of Milled Rice (Pockets)

Association Mills__
New Orleans Mills...
Outside Mills_____

RICE

Louisiana______
Texas....................
Arkansas____. . . .
California______
South Carolina.__
Georgia--------- . . .
Florida-------------Mississippi---------

7

Dec. 1922
634,553
98,119
207,647
940,319

Total this
Total last
Season to
Season to
Dec. 31, 1922 Dec. 31, 1921
3,032,580
2,503,777
998,474
804,529
931,524
729,724
4,962,578

4,038,030

Jan. 1, 1922
760,823
214,251
283,380

2,325,937

Association Mills..
New Orleans Mills..
Outside M ills.-..-.

Stocks
Jan. 1,, 1923
1,556,902
237,574
531,461

1,258,454

COTTON GINNED
Cotton ginned prior to January 1 amounted to 9,598,907
running bales, including 165,281 round bales, counted as half
bales; 28,498 bales of American-Egyptian and 5,065 bales of
sea island, the Census Bureau announced today.
To January 1, last year, ginnings totalled 7,882,365 running
bales, including 123,348 round bales, counted as half bales,
30,240 bales of American-Egyptian, and 3,106 bales of sea
island.
Ginnings to January 1, by states, follow:
1923
1922
1921
1920
Alabama________
816,236
584,018
632,300
680,265
Arizona________
36,692
35,441
77,562
47,202
Arkansas.. ____
999,202
781,867
995,775
716,366
California______
23,611
23,229
47,119
41,154
Florida_________
27,311
12,094
18,224
17,027
Georgia________
730,539
817,176 1,365,314 1,636,692
Louisiana_______
343,812
281,774
369,982
290,190
Mississippi...........
980,944
811,885
821,382
822,025
Missouri............
134,487
67,922
55,139
48,282
North Carolina.
851,369
783,528
754,080
787,165
Oklahoma. ............
632,356
476,343
966,695
787,114
South Carolina.
508,021
770,632 1,454,644 1,400,337
Tennessee............
378,890
295,209
361,412
240,676
Texas__________ 3,092,458 2,116,619 3,747,580 2,469,373
Virginia________
25,728
16,102
13,752
21,050
All other states.
17,201
8,517
9,688
4,002
TOTAL.. ......

9,598,907 7,882,356 11,554,648 10,008,920

T H E M O N T H L Y B U S IN E S S R E V IE W

8

TREND OF FARM PRICES
The level of prices paid producers of the United States for
the principal crops increased about 5.4 per cent during No­
vember ; in the last 10 years the price level decreased about
3.0 per cent during November. On December 1 the index
figures of prices was about 24.4 per cent higher than a year
ago, 9.4 per cent lower than two years ago, and 14.8 per cent
lower than the average of the past 10 years on December 1.
The prices of meat animals—hogs, cattle and sheep—to
producers of the United States decreased 5.0 per cent from
October 15 to November 15; in the past 10 years prices de­
creased in like period 4.7 per cent. On November 15 the
index figure of prices for these meat animals was about 13.7
per cent higher than a year ago, 28.9 per cent lower than
two years ago, and 17.6 per cent lower than the average of
the past 10 years on November 15.
SOUTHEASTERN WATERMELON CROP
During the past season every state except Nevada received
some shipments of southeastern watermelons. From May 23
to August 7 total movement from the Southeast filled about
29,525 cars, as follows: Florida 10,000 cars, Georgia 12,900,
Alabama 1,550, South Carolina 4,475 and North Carolina
about 600 cars.
A record of the final destinations of 26,342 cars, or approxi­
mately 90 per cent of the total shipments of these States
during the period under consideration, shows that New
York State took 4,109 cars, Pennsylvania 2,845, Ohio 2,670,
Georgia 2,281, Illinois 2,116, Maryland 1,278, Massachusetts
1,096, and Florida 1,069 cars.
On the basis of geographic sections the Middle Atlantic
States received about 34 per cent of the shipments, the
South 27 per cent, East North Central States 25 per cent,
New England 7 per cent, West North Central States 6 per
cent, and Canadian points about 1 per cent.
FINANCIAL
Continued improvement In the financial situation in the
Sixth Federal Reserve District is indicated in reports re­

ceived from member banks in various parts of the District
for December. The increased money returns from agricul­
tural production during the past season has resulted in sub­
stantial improvement in the financial condition of the farm­
ing sections, except in those localities where the cotton
crop was almost a failure. Available statistics show that
there has been a fairly steady increase in demand deposits,
and savings deposits now show a substantial increase over
those held by the banks at this time last year.
Reports made weekly to the Federal Reserve Banks by
forty representative member banks in selected cities of the
District show the total of loans and discounts on January 3
to be $406,010,000, an increase of almost 4 per cent over the
figure for December 6, and an increase of 7.1 per cent over
the total for January 4, 1922.
Loans secured by Government Obligations rose 6.4 per
cent during the month, to $8,075,000 on January 3, but on
that date were 53.7 per cent less than on January 4, last year.
The total of all loans, discounts and investments of these
forty banks on January 3, 1923, was $485,079,000, an increase
of 3.5 per cent over the figure for December 6, and 8.3 per
cent greater than on January 4, 1922.
Demand deposits rose 3.9 per cent from December 6 to
January 3, when these forty banks reported $284,412,000, and
were 26.2 per cent greater than the total of $225,444,000 on
January 4, 1922.
The volume of bills on hand with the Federal Reserve
Bank of Atlanta on January 10, 1923 was $32,397,949, a de­
crease of 23 per cent compared with the total on December
13, and a decline of 62.2 per cent in comparison with the total
of $85,722,007 on January 10, a year ago.
The volume of Federal Reserve Notes in actual circulation,
while smaller by 1.2 per cent on January 10, than on Decem­
ber 13, was larger by 5.1 per cent than on January 10,1922.
The following figures show aggregate amounts of savings
deposits, classified by states, reported for December by
banks in the Sixth District, showing comparisons with the
preceding month and with the corresponding month a year
ago:

SAVINGS DEPOSITS—DECEMBER 1922

Alabama (11 banks)..................................... . ........ $
Florida (15 banks)................. ................................
Georgia (25 banks)............... .................................
Louisiana (10 banks)................. ..........................
Mississippi (9 banks)....... ..............................— Tennessee (II banks).*..-....................................
TOTAL (81 banks),,......................................




Comparison of Comparison cf
Dec. 31-Nov. 30
Dec. 31, 1922Dec. 31, 1922 Nov. 30, 1922
1922
Dec. 31, 1921
1921
29,769,454
$ 28,765,428
+3.5%
$ 27,856,605
+ 6.9%
29,066,819
28,199,404
+3.1%
23,877,219
+21.7%
48,168,823
46,388,826
+3.8%
38,430,974
+25,3%
36,148,243
35,962,994
+0.5%
36,075,614
+ 0.2%
8,481,733
8,161,411
+3.9%
7,676,839
+10.5%
21,719,784
20,947,789
+3.7%
20,400,758
+ 6.5%
173,354,856

168,425,852

+2.9%

154,318,009

+12.3%

T H E M O N T H L Y B U S IN E S S R E V IE W

DEBITS TO INDIVIDUAL ACCOUNTS
Sixth Federal Reserve District
Week Ended
Jan. 10,1923 Jan. 3,1923 Jan. 11,1922
Albany, Ga----------- $ 1,380,000 $ 1,41 1 ,0 0 0 $ ..................
Atlanta, Ga.................
32,014,000
3 4,218,000
26,613,000
Augusta, Ga................
7 ,762,000
7 ,305,000
7 ,329,000
Birmingham, Ala—
27,735,000
2 6,230,000
18,408,000
Brunswick, Ga...........782,000
845,000.............................................
Chattanooga, Tenn.
10,518,000
9 ,4 2 6 ,0 0 0
9,455,000
Columbus, Ga............ 3,20 4 ,0 0 0
3 ,3 1 6 ,0 0 0 ........................................
Cordele, G a... ............ 411,000
459,000.............................................
1 ,0 8 0 ,0 0 0 ...........................................
Dothan, Ala................. 732,000
Elberton, G a... ..........388,000
3 5 4 ,0 0 0 ...........................................
Jackson, Miss______ 3,57 5 ,0 0 0
2 ,8 6 2 ,0 0 0 ........................................
Jacksonville, F la ... .
13,312,000
13,172,000
11,843,000
Knoxville, Tenn ____
8,47 3 ,0 0 0
7 ,946,000
6 ,759,000
Macon, Ga--------------4 ,702,000
5,4 2 5 ,0 0 0
3,900,000
Meridian, Miss....... . . . 2,2 8 9 ,0 0 0
1 ,7 2 1 ,0 0 0 ......................................
Mobile, Ala.__.............
8,621 ,0 0 0
7,71 2 ,0 0 0
6,510,000
Montgomery, Ala....
5,62 2 ,0 0 0
5,6 2 7 ,0 0 0
3,88 7 ,0 0 0
Nashville, Tenn ____
21,124,000
19,185,000
13,535,000
Newnan, Ga.__........... 526,000
646,000........................................
New Orleans, La.. . .
78,417,000
81,791,000
70,276,000
Pensacola, Fla______
1,762,000
1,824,000
1,492,000
Savannah, Ga______
10,566,000
12,890,000
9,944,000
Tampa, Fla...................
7,727,000
6 ,930,000
6,447,000
Valdosta, Ga............... 1,435,000
1 ,4 1 1 ,0 0 0 ........................................
Vicksburg, Miss.........
2 ,148,000
2 ,0 6 5 ,0 0 0
1,844,000
Total (15 C ities)..$240,503,000 $241,746,000 $198,242,000
Total (25 Cities). . 255,225,000 255,851,000.......................
COMMERCIAL FAILURES
Commercial failures during the month of December, com­
piled by R. G. Dun & Company, show substantial reductions,
both in number and in total of liabilities, as compared with
those of the corresponding month a year ago, in the United
States at large and in the Sixth Federal Reserve District.
Figures for the month of December for the United States
show that 4.4 per cent more failures occurred than in No­
vember, and the total of liabilities was 29.3 per cent larger,
but December 1922 failures were 25.8 per cent smaller in num­
ber, and 40.5 per cent smaller in total liabilities, than during
December 1921. The number of failures in December was
larger than in November in five Federal Reserve Districts
and smaller in seven Districts, while liabilities in December
were larger than in November in seven districts, and smaller
in five. Comparing December 1922 with the same month in
1921, the number of failures was larger in only one district,
while the total liabilities were larger in four districts.
In the Sixth Federal Reserve District, 109 concerns failed
in December, compared with 122 in November, and 190 in De­
cember 1921. Liabilities totaled $1,576,368, compared with
$1,928,165 in November, and with $6,066,401 in December 1921.




9

Sixth District
No. Liabilities
109 $1,576,358
122 1,928,165
190 6,066,401

Dec. 1922................
Nov. 1922................
Dec. 1921................
Comparison of
Dec.-Nov. 1922............... — 1.1% —18.2%
Comparison of
Dec. 1922-1921................—42.6% —74.0%

United States
No.
Liabilities
1814 $52 *069,021
1737
40,265,297
2444
87,502,382
+4 . 4% +29.3%
—25.8% —40.5%

ACCEPTANCES
Only four banks in the Sixth Federal Reserve District re­
ported the execution of domestic acceptances during the
month of December, the aggregate being $4,175,550, com­
pared with $4,200,120 in November, and with $2,683,100 in De­
cember a year ago. Foreign acceptances were executed in
December by five banks, totaling $7,434,691, compared with
$6,654,829 in November, and with $4,757,045 in December 1921.
Only one bank reported the purchase of foreign accept­
ances during December, and only three banks reported do­
mestic acceptances bought.
The total of acceptances purchased in the open market
and re-discounted for member banks by the Federal Reserve
Bank of Atlanta during December was $7,639,318.64, compared
with $3,646,764.42, in November, and with $3,576,501.00 in De­
cember 1921.
OCTOBER IMPORTS—UNITED STATES
The compilation of the provisional figures of imports by
the Department of Commerce, which has been unduly de­
layed on account of the new tariff classification and the in­
crease in the number of items, has now been completed and
made public by the Department. The total value of imports
for the period from September 22, when the new tariff took
effect, to November 1, was $388,000,000, of which approxi­
mately $69,000,000 would be credited to the last nine days of
September under the new tariff, making the net value for
October $319,000,000, as compared with about $298,000,000 for
the full month of September, and $188,000,000 for October
1921. This total for October is higher than for any month
since November 1920, when the value of imports was $321,209,055. The cumulative total value of imports for the ten
months ending with October was $2,570,049,455, for 1922, com­
pared with $2,060,704,029 for 1921, showing an increase of
$509,345,426.
GRAIN EXPORTS—NEW ORLEANS
Grain exports from New Orleans during December 1922
totaled 3,961,783 bushels, compared with 5,291,974 bushels
during the corresponding month in 1921. This is a depar­
ture from the results of the past few months, as the 1922 ex­
ports have been exceeding those of 1921. Although the corn

T H E M O N T H L Y B U S IN E S S R E V IE W

10

exports for December showed an increase over November
1922, there was a decrease of more than a million bushels
compared with December 1921. Figures for the month, for
the season to date, and for the calendar year compared with
preceding periods are as follows:
(In Bushels)
Wheat
Corn . .
Oats
Barley. __
Rye____

Dec. 1922
1,359,440
2,361,078
91,265
_______
150,000

Total this Total last
season to season to
Dec. 1921 Dec. 31, 1922 Dec. 31, 1921
1,352,459 20,408,765 24,830,780
3,798,448 10,269,978
6,907,151
40,825
339,234
301,815
_______
10,428
190,565
100,242
310,714
125,957

GRAIN EXPORTS FOR THE YEAR (Bushels)
1922
1921
1920
Wheat._____________
27,419,795 55,903,904 49,589,787
28,222,232
13,757,818
1,244,282
Corn_______________
O ats.___ ___________
595,314
598,315
906,960
Barley................... ........
122,313
831,439
6,203,382
Rye.............. ......... ........
1,637,585
1,079,227
237,857
PETROLEUM
Louisiana’s petroleum production for November 1922
amounted to 2,528,000 barrels, which is 250,000 barrels less
than its output for October 1922, but 600,000 barrels greater
than production in November 1921.

BUILDING PERMITS—DECEMBER 1922

Alabama:
Anniston......... .................. .............
Birmingham...................... .............
Mobile................................. ______
Montgomery...................... .............
Florida:
Jacksonville....................... .............
Miami................... .............. ______
Orlando........ .................... .............
Pensacola........................... .............
St. Petersburg................... ............
Tampa.......................... ...... ______
Georgia:
Atlanta....... ....................... .............
Augusta______________ .............
Columbus............... ........... ______
Macon................................. .............
Savannah............................ .............
Louisiana:
New Orleans...................... .............
Alexandria-........................ .............

Sixth Federal Reserve District
Alterations and
Repairs
New Buildings
No.
Value
No.
Value

Total
Dec. 1922

Total
Increase or
Dec. 1921
Decrease

77
114
5
58

12,800
31,170
3,950
9,340

11
192
20
21

36,750
469,476
123,600
174,820

49,550
500,646
127,500
184,160

7,850
360,973
24,900
11,787

+531.2%
+ 38.7%
+412.2%
+1462.4%

173
69
32
30
16
96

49,034
14,700
21,354
8,140
6,000
33,565

48
135
72
9
134
75

485,700
266,100
502,800
4,620
264,300
357,725

535,734
280,800
524,154
12,760
270,300
391,290

343,629
657,700
131,896
60,212
339,450
182,553

+ 55.9%
— 55.6%
+297.4%
— 78.8%
— 20.4%
+114.3%

77
86
10
91
12

54,743
9,196
4,545
14,002
9,125

197
28
20
18
16

1,338,036
30,925
34,650
32,570
40,425

1,392,779
40,121
39,195
46,572
49,550

570,556
83,134
6,880
38,525
87,225

+144.1%
— 51.7%
+469.7%
+ 20.9%
— 43.2%

36
24

55,800
43,217

150
15

528,275
31,405

584,075
74,622

664,700
32,239

— 12.1%
+131.5%

Mississippi:
Jackson_______________ ............
Meridian _____________
Vicksburg........................... ............

(combined)
3,580

7

16,460

20,040

1^830

+995.1%

Tennessee :
Chattanooga..................... ............
Johnson City..................... .............
Knoxville______________ ______
Nashville........................... ______

112
37,091
1
300
22,980
55
(combined)

20
9
65

301,800
5,300
247,920

338,891
5,600
270,900
400,228

233,835
24,800
173,332
143,365

+ 44.9%
- 77.4%
+ 56.3%
+179.4%

8

239,500

LUMBER
Improvement in the car supply is reported by lumber cor­
respondents in various parts of the District and has been
reflected during December in gains in both orders and ship­
ments. Unfavorable weather in some sections has held
back production, but except for the usual slowing down
during the holidays, the month is stated to have been satis­
factory. T ie close of the year finds lumber manufacturers




with unusually large files of orders on hand, and the large
number of inquiries being received from the retailers indi­
cates continued activity in building. During Christmas
week, of course, production, orders and shipments were all
lower than for the preceding weeks, as a large number of
mills only operated four full days. During the week ending
December 15, 52 mills operated full time and 9 operated five
days, while during the week ending December 22, 44 mills

T H E M O N T H L Y B U S IN E S S R E V IE W

operated full time and 10 operated five days. During this
week the output was around 87 per cent of normal, and
orders were more than 90 per cent of normal production,
while for the week ended December 15, with production ap­
proximately the same, orders were more than 10 per cent
above normal production. Reports for the month received
from lumber correspondents are generally optimistic as to
the outlook, and state that their business during the early
part of January gives evidence of continued activity.
Following are monthly figures reported to the Southern
Pine Association showing a comparison of orders, produc­
tion, shipments, etc., for December, with similar figures for
the preceding month and the corresponding month a year
ago:
Dec. 1922 Nov. 1922 Dec. 1921
(135 Mills) (137 Mills) (117 Mils)
Orders______________ 345,678,445 334,389,422 228,412,667
Shipments..................... 341,676,349 344,284,735 248,346,779
Production................ . . 300,704,636 339,520,549 284,834,989
Normal production
these mills................. 361,472,102 365,380,039 333,901,127
Stocks end of m onth,_ 920,222,499 994,956,237 797,433,127
Normal stocks these
mills........................... 949,210,754 981,592,390 896,842,859
Unfilled orders end of
month......................... 397,324,368 395,159,625 156,775,680
COTTON CONSUMPTION—DECEMBER 1922
Ootton Consumed:
Lint............................
Linters.................... —
On hand in consuming
Establishments:
Lint..............................
Linters.........................
In Public Storage and
at Compresses:
Lint.................. ...........
Linters........................

Dec. 1922
527,945
49,078

Nov. 1922
577,561
55,122

Dec. 1921
510,925
45,434

1,921,295
123,104

1,721,425
95,969

1,738,138
168,080

4,074,945
38,103

4,198,095
21,634

5,206,663
171,303

Exports:
Lint...........................—
605,408
855,510
635,431
Linters......................2,445
2,827
4,394
Active Spindles............... 34,968,440 34,664,630 34,439,142
Cotton Growing States
Dec. 1922 Nov. 1922 Dec. 1921
Ootton Consumed___ - - 324,437
363,813
304,756
On Hand in Consuming
Establishments.............. 1,207,199'J', 1,107,826
921,727
In Public Storage and
at Compresses................
3,801,744 3,983,041 4,837,475
Active Spindles.................. 15,856,774 15,859,962 15,503,716
MANUFACTURING
Cotton Cloth
Reports made to the Review by representative cotton mills
in the Sixth District reflect the somewhat more quiet con­
ditions obtaining in the cotton manufacturing industry




11

during the past few weeks, and although the output of 33
cotton cloth mills in December was slightly greater than in
November, the volume of shipments for the month showed a
small decrease, and orders on hand at the end of the month
were 17.5 per cent smaller than at the end of November. It
is not unusual, however, for production and orders to show
some slowing up during December, due to the holiday and
inventory season. Compared with the month of December
1921, however, production, shipments and orders on hand
all showed substantial increases during the month just
ended, and correspondents indicate in their reports that
the outlook is distinctly encouraging. Demand is reported
to be good, especially from the southern states, and from
the central west, and increased demand for export to Central
and South America is reported. Some of the reporting m
ill??
have sold their output for three or four months ahead.
The following statement shows comparisons of figures re­
ported for December 1922, with the preceding month and
with December 1921:

1.

2.
3.
4.
5.
6.

December 1922 compared with
33 Mills
Nov. 1922 Dec. 1921
Cloth Production_____________
+ 0.8%
+13.3%
Cloth shipments................. ...........
+31.3%
- 4.5%
Orders on hand at end of month.
-17.5%
+52.9%
Stocks of manufactured cloth
on hand at end of month............
—39.2%
- 9.5%
Average time required to com­
plete orders on h an d ...................
- 1.9%
+41.2%
Number employed............. ...........
- 0.8%
+14.1%
Cotton Yarn

Reports received from 28 representative mills manufactur­
ing cotton yarn show a reduction of 10 per cent in the vol­
ume of production during December compared with the pre­
ceding month, which is reported by correspondent mills to
be due principally to the holiday and inventory period.
Shipments were also smaller than in November, but orders
on hand at the end of the month showed a small increase.
Compared with the same month a year ago, however, Decem­
ber shipments were 18.5 per cent larger, and orders on hand
were greater by 113.6 per cent.
Correspondent mills state that notwithstanding the re­
duction in production and shipments, demand is still firm
and prices are showing a tendency to advance, due to the
increased cost of raw cotton. The reports state that the
outlook for the first half of the year is good, and some of
the mills state they have sold their output for the first six
months.
The following table shows comparisons of figures reported
for December, with November and with December 1921:
December 1922 compared with
28 Mills
Nov. 1922 Dec. 1921
—10.0%
1. Yarn production............. ..............
— 4.5%
—14.3%
2. Yarn shipments.............................
+18.5%
3. Orders on hand at end of month.
+113.6%
+ 1 .0%
4. Stocks of manufactured yarn oh
hand at end of month..............
—25.0%
—■9.3%
5. Average time required to com­
+ 0.7%
plete orders on hand....................
+53,8%
6. Number e m p lo y e d .___ ______
+ 3 6 .9 %
- 0.2%

12

T H E M O N T H L Y B U S IN E S S R E V IE W

Cotton Hosiery
Due to the holidays, and to the annual inventory period,
declines were registered in the volume of production, orders
and shipments of cotton hosiery during December. Reports
were made to the Review for December by sixteen cotton
hosiery mills whose output for the month was 315,208 dozen
pairs. For November nineteen mills reported 437,837 dozen
pairs manufactured.
For those mills reporting comparative figures for Decem­
ber, November, and December 1921, a decline of 13 per cent
was shown in the output in December compared with No­
vember, but an increase of 14 per cent over the December
1921 production. Orders booked during December also
showed a substantial decline in comparison with the pre­
ceding month, but were considerably in excess of those for
the same month a year ago. Shipments and unfilled orders
also showed decreases compared with November, but were
larger than for December 1921.
Comments contained in the reports made to the Review
are optimistic in every instance, and indicate that a falling
off is not unusual in December in this, as in other lines.
The increased strength in the price of raw cotton is reflectn
ed in a similar tendency in hosiery, and correspondent
mills state that the outlook for the first half of 1923 is good.
Some of the mills are sold up for three or four months, and
other reports state that jobbers* stocks are low and will
soon need replenishing.
The following figures show percentage comparisons of
figures reported for December with those for November and
for December 1921.

1.
2.
3.
4.
5.
6.

December 1922 compared with
Nov. 1922 Dec. 1921
15 Mills
-13.0%
Hosiery manufactured_________
+14.0%
-27.7%
Hosiery on hand at end of month.
—46.7%
-37.2%
Orders booked during month ..
+75.5%
Cancellations received during
-58.4%
m on th ..-......... ...... .........................
-50.5%
—16.0%
Shipments during month............
+12.7%
Unfilled orders on hand at end
of month.............................. ......... .
+50.6%
- 1-9%
Overalls

Reports were made to the Review for December by six over­
all factories in which production during the month was
somewhat less than in November, but larger by more than 5
per cent than in December 1921. Stocks of overalls on hand
at the end of December were substantially larger than at
the end of November, and 12.5 per cent in excess of stocks
on December 31, 1921. Orders booked during the month,
however, registered a decline, as did also the volume of un­
filled orders on hand at the end of the month, although both
of these items were larger than at the same time a year ago.
Correspondents report that conditions in the industry are
improving, that demand is good, and labor conditions are
satisfactory, with little change in wages. Prices are re­
ported to have a tendency to advance.




The following figures show comparisons of items reported
for December with the preceding month and the correspond­
ing month a year ago:
December 1922 compared with
Nov. 1922 Dec. 1921
1. Overalls manufactured.............
— 9.1%
+ 5.4%
2. Overalls on hand at end of
month..................................... ........
+56.9%
+12.5%
3. Orders booked during month___
-43.2%
+12.5%
4. Unfilled orders on hand at end
—41.8%
of month........ -_______________
+28.0%
5. Number employed_____________
+ 9.7%
- 1-0%
Brick
Five reports were made to the Review by brick manufactur­
ing companies for December, and of this number one has
been closed down for several months, while two others were
closed for part of the month effecting some repairs. This
condition, taken with the holiday and inventory season, ex­
plains the reduction in output of 52.6 per cent, in compari­
son with the preceding month. December output was also
smaller than during the same month a year ago, and orders
received during the month were also smaller than in Decem­
ber 1921, although larger than during November 1922. Un­
filled orders on hand were substantially larger than at the
end of November, and correspondents state that inquiries
are being received in a volume which indicates a satisfactory
outlook for the spring months. Comparisons reported to
the Review for December follow:
December 1922 compared with
Nov. 1922 Dec. 1921
1. Brick manufactured------------ --------- —52.6%
— 28.3%
2. Brick on hand at end of month. __
— 2.6%
— 38.3%
3. Orders booked during month___ _ + 3 . 3 %
_
—26.8%
4. Unfilled orders on hand at end
of month______________________ + 3 9 .1 %
_
x
5. Number employed-------------------- ---- — 41.5%
+8.5%
EMPLOYMENT
Employment conditions in the Sixth Federal Reserve Dis­
trict continue to improve, according to reports made to the
United States Employment Service. Favorable conditions
are reported from practically all parts of the District, the
only exceptions being Key West, Florida, where a number of
cigar factories have cut their forces, and in some parts of
Mississippi and Louisiana where the shortage of railroad
cars still seriously hampers lumber production and ship­
ment.
The employment situation in Georgia continues to im­
prove. Large increases are reported in forces of textile
mills, and some additions to forces have been made in iron
and steel, food and kindred products, vehicles, and miscel­
laneous industries, while lumber is maintaining a steady
volume of employment. Satisfactory conditions are re­
ported from various parts of the state, with the exception
that some cotton oil mills have closed down because of ina­
bility to obtain cotton seed.

13

T H E M O N T H L Y B U S IN E S S B E Y I E W

Florida reports indicate that employment conditions are
generally satisfactory, so far as common labor is concerned.
Migratory labor is said to be largely unemployed, although
some of it has been absorbed in harvesting citrus fruit and
vegetable crops. Most industrial plants throughout the
state are operating. A decline in employment at Key West,
however, has been caused by the cutting of forces in several
cigar factories.
The labor situation in Alabama is well balanced. Marked
increases have taken place in forces of coal mines, lumber,
paper and printing, building material manufacturers, food
and kindred products, and miscellaneous industries. Iron
and steel, and textiles, disclose a small decrease. The car
supply has improved, but is still insufficient." There is a
large amount of building in progress, and street and high­
way construction is employing large numbers of workers.
In Louisiana the employment situation is stated to be fair,
being hampered somewhat by seasonal curtailments, and
the lumbering districts affected by car shortage. Textile
products have made small additions to their forces, and em­
ployment in the oil districts is fair with refineries adding to
the number employed. Railroad shops are virtually normal.
Building construction continues with most craftsmen em­
ployed. The labor supply is somewhat greater than the de­
mand, due to seasonal transients.
Steady employment is maintained in Mississippi. Textiles,
paper and printing, and miscellaneous industries have in­
creased forces, while food and kindred products, and iron
and steel, show slight reduction. Lumber continues to be
hampered by car and labor shortage. Increased employ­
ment is indicated in reports from practically all parts of the
state.
In Tennessee the industrial situation is said to be well
balanced. Considerable employment increases have been
made in iron and steel and lumber, and slight increases in
some other lines. Textiles, coal, mining, tobacco, leather,
food and kindred products and miscellaneous industries
have suffered slight decreases. Coal mines and lumber mills
are badly hampered by the car shortage, but favorable
weather conditions have permitted highway and building
construction to continue.
COAL
Production of coal in the United States has been main­
tained in December at a level between 11,500,000 and 12,500,000
tons per week, having exceeded that figure only once during
the month. The total production of bituminous and an­
thracite coal for the week of December 9 was 13,533,000 tons.
Increasing transportation difficulties in some of the coal
regions, and the holidays, are the principal causes for the
lower production during the latter part of December in com­
parison with the output in November.
The total output of bituminous coal in the country during
the year 1922, according to statistics of the Geological Sur­
vey, was 407,712,000 tons, and was not substantially less than




the production in 1921, although both of these years were
considerably below the preceding three years. The follow­
ing statement shows the total output for the past five years:
191 8
579,386,000 tons
191 9
465,860,000 tons
192 0
568,667,000 tons
___________ 415,922,000 tons
192 1
192 2
_____________ 407,712,000 tons
Weekly production figures published by the Geological
Survey for December are shown in the following table:
Total
Week Ended
Bituminous Anthracite
Output
December 2_______
10,387,000
1,819,000
12,206,000
11,495,000
2,038,000
13,533,000
December 9_______
December 16______
10,666,000
2,197,000
12,863,000
December 23______
10,031,000
1,976,000
12,007,000
December 30______
9,974,000
1,541,000
11,515,000
January 6 (estimated) 10,500,000
1,700,000
12,200,000
Production in Alabama during December is reported as
1,475,000 tons, compared with 1,550,000 during November, and
with 1,047,000 produced during December 1921. The railroad
situation continues to limit production, and the shortage
of cars is still serious.

IRON AND STEEL
Production of coke and anthracite pig iron continued to
show improvement during December, closing 1922 with an
output of more than 3,000,000 tons, the highest rate since
October 1920. December production was approximately
240,000 greater than in November, or an increase of about
4,700 tons a day. The total output for the month was 3,086,968 tons, compared with 2,846,110 during November, and with
1,642,775 tons produced in December a year ago. The num­
ber of furnaces in active operation in the United States
registered an increase of 10, following an increase of 22 in
November.
Merchant iron produced in December amounted to 662,743
tons, a gain of 59,395 tons over November, and an average of
21,379 tons per day. Non-merchant iron produced during
December was 2,424,225 tons, a gain of 181,463 tons over the
total for November. Blast furnaces in active operation dur­
ing December numbered 250, an increase of 10 over the total
at the end of November.
Production in the Alabama district during December was
223,300 tons, compared with an output of 208,934 tons in No­
vember. This total is composed of 133,196 tons of merchant
iron, and 90,104 tons of non-merchant iron. Furnaces in
active operation in Alabama during December totaled 24,
against 23 during November. Reports from correspondents
in Alabama indicate a favorable outlook for the coming year,
and state that a considerable portion of the probable make
for the first quarter has already been sold and that inqui­
ries are increasing. Only 11 furnaces were active at the be-

14

T H E M O N T H L Y B U S IN E S S R E V IE W

ginning of 1922, and the price of pig iron at Birmingham at
that time was $16.50, compared with a range of $23.00 to
$25.00 at the present time.
United States
Merchant Iron_________
Non-merchant Iron—___
Total O utput...___ ____
Average daily production.
Active furnaces________
Alabama District
Merchant Iron_________
Non-merchant Iron_____
Total output.....................
Active furnaces________

Dec. 1922 Nov. 1922
662,743
602,884
2,424,225 2,127,424
3,086,968 2,845,595
99,579
94,853
250
240
133,196
90,104
223,300
24

133,891
75,043
208,934
23

Dec. 1921
372,000
1,270,775
1,642,775
52,993
124
59,580
54,716
114,296
13

NAVAL STORES
The Naval Stores markets have strengthened during the
past month, and the price of turpentine, at Savannah, has
increased from $1.30 the first part of December to $1.46 on
January 4. Prices of the better grades of rosin have shown
some increase during the month, while the lower grades
have experienced a slight decline. Reports which have been
issued state that between 93 and 95 per cent of the American
crop for the season is in, and that receipts from now until
April 1st will be in small lots and scattered. Figures for the
season beginning April 1 through January 4 show total re­
ceipts of turpentine at the three principal markets of the
District to 249,351, compared with 242,139 last year; and rosin
859,837 this year, compared with 716,376 last year, the increase
in rosin receipts being due to old rosin being shipped in
from the woods. Stocks of turpentine at the end of Decem­
ber were 44,774 barrels compared with 40,161 barrels at the
end of November, and with 66,965 barrels on hand at these
three markets at the close of December 1921. Stocks of rosin
at the close of December were 307,303, compared with 352,465
at the end of November, and with 260,808 on December 31,
1921.

NAVAL STORES MOVEMENT—DECEMBER
Receipts—Turpentine
Savannah_______
Jacksonville..........
Pensacola_______

Dec. 1922 Nov. 1922 Dec. 1921
7,587
8,452
10,435
12,070
11,733
10,718
4,379
4,414
4,831

Total________

24,901

26,582

23,136

Rosin
Savannah________
Jacksonville_____
Pensacola________

42,947
51,341
17,732

42,529
47,323
15,041

41,467
48,057
14,657

112,020

104,893

104,181

5,265
12,180
2,843

10,265
5,868
2,237

5,004
11,619
3,416

Total..................

20,288

18,370

20,039

Rosin
Savannah..... .............
Jacksonville_______
Pensacola.......... ........

96,129
43,280
16,773

25,978
34,702
14,495

21,495
45,308
9,174

156,182

75,175

75,977

14,967
20,376
9,431

11,780
20,486
7,895

13,584
29,641
23,740

44,774

40,161

66,965

54,515
186,370
67,418

107,697
178,309
66,459

13,584
174,742
72,482

307,303

352,465

260,808

Shipments—Turpentine
Savannah...............
Jacksonville...... ........
Pensacola_________

Stocks—Turpentine
Savannah............
Jacksonville........
Pensacola______
Total______
Rosin
Savannah............
Pensacola.
Total.........................

FEDERAL RESERVE BOARD INDEXES OF RETAIL TRADE THROUGHOUT THE UNITED STATES
(1919 monthly average-100)
Number Stores
Department Stores______________________
Mall Order Houses_____ ______ __________
Chain Stores:
Grocery _ _______________________
Drug . _________________________
Shoe______________________ _______
Five & Ten________ ________________
Music_____________________________
Cigar_____________ _______________




Dec. 1922

Nov. 1922

Dec. 1921

176
4

188.2
108.7

127.4
112.5

175.8
80.3

16
7
5
4
4
3

165.5
161.0
164.7
279.2
203.7
178.7

159.1
122.2
122.0
152.3
120.7
126.9

143.5
146.1
149.6
241.6
172.6
172.7

.

T H E M O N T H L Y B U S IN E S S R E V IE W

15

FEDERAL RESERVE BANK OF^ATLANTA
Weekly Statement of
RESOURCES AND LIABILITIES
Jan. 11,1922

Resources
Gold and Gold Certificates...................... ..................................__........................................
Gold Settlement Fund______ _____________________________ _____ ___ ________

Jan. 10,1923
$ 5,741,645.50
19,770,501.32

$ 5,233,020.50
13,104,829.86

Total Gold held by bank_________ ___________________________ ___________

25,512,146.82

18,337,850.36

Gold with Federal Reserve Agent.............. ................... ................ ........ ......................... ...
Gold Redemption Fund.__________ ______ _______________ _______ __________

107,623,885.00
1,768,551.03

39,897,005.00
8,383,081.97

Total Gold Reserve.............. ............................... ............................................................

$134,904,582.85

$ 66,617,937.33

Reserves other than G old......................... .......................................... ............ ............ .
Total Reserve.,.......... ....................................................................................................... .
Non Reserve Cash___________ _______________ ___ ___________________________

6,315,103.00
141,219,685.85
10,823,059.15

5,909,458.00
72,527,395.33

Secured by U. S. Gov’t. Obligations........................ ......................................................
Other Bills Discounted....... ............................. ...............................................................
Bills Bought in Open Market_ _____________ _______ ___________ _____ ___
_

2,188,260.58
20,335,065.78
9,874,622.21

21,280,286.25
58,753,648.17
4,203,728.61

Total Bills on Hand.......................... .............................. ....................... ....................... .

$32,397,948.57

$84,237,663.03

U. S. Bonds & Notes,____ _______ __________ _______ ________________________ _
One Cert, of Indebtedness (Pittman Act)....... ....................................................................
All other Cert, of Indebtedness....... .................................................................................. .

302,200.00
9,139,920.00

10,162,606.75
8,564,000.00
896.00

Total Earning Assets......................................................... ............................................. .

$41,840,068.57

102,965,165;78

Bank Premises................... .......................... .................. ..........................................................
Five per cent fund against F. R. Bank Notes................................ ...................................
Uncollected items............. . _..................... ........... ................................................................. .
All other resources............. ...................... ........................................................................... .

1,964,570.94
23,797,392.41
305,176.98

1,037,216.87
521,550.00
24,698,633.38
212,872.90

Total Resources.................................... ........ .................................................................. .

$219,949,953.90

$201,962,834.26

Bills Discounted for Member Banks:

Liabilities
Capital paid in _____ ______ ____________________ ____________ _______________
Surplus fu n d .......... ........... ............................ ..........................................................................
Reserved for Government Franchise Tax......... ....................... ............................... _..........

$

4 ,3 0 9 ,7 5 0 .0 0
8 ,9 4 1 ,5 5 3 .4 2

.......................

$

4 ,1 9 0 ,7 0 0 .0 0
9 ,1 1 3 ,5 7 0 .9 9
127,982.05

Deposits :
Government................... .................................................... ..............................................
Member Banks—Reserve account........... .......................... .............................................
All O ther.................................... ............................................... ............. .........................

515,959.59
5 9 ,3 0 5 ,6 7 9 .8 7
3 ,0 1 2 ,5 1 3 .8 0

2 ,0 7 3 ,6 8 5 .2 4
45,1 2 5 ,7 0 1 .9 2
333,862.96

Total Deposits............................................................................................... .....................

$ 62,834,153.26

$ 47,533,250.12

Federal Reserve Notes in actual circulation—.....................................................................
Federal Reserve Bank Notes in actual circulation.............................................................
Deferred availability items.......................................................................................................
All other Liabilities.................... ...............................................................................................

122,949,685.00
.......................
20,274,020.04
640,792.18

116,233,005.00
7,487,800.00
16,550,152.41
726,373.69

Total Liabilities.... ................ ............................................................................................

219,949,953.90

201,962,834.26

Ratio of total Reserves to Deposits and F. R. Note liability combined.



76.0%

44.3%